Crypto scammers are getting increasingly crafty, coming up with new ways to deceive unsuspecting individuals and investors. Unfortunately, these fraudsters come from various walks of life and backgrounds, making them difficult to identify. This exact scenario played out for the parishioners of Ministerio Apostólico Profético Tiempos de Poder in Pasco, Washington, who were tricked by their own pastor into a fraudulent cryptocurrency scheme.
The U.S. Department of Justice in the Eastern District of Washington has brought charges against Francier Obando Pinillo, a 51-year-old pastor from Miami, accusing him of 26 counts of fraud. A document released by the DOJ detailed how the pastor orchestrated a crypto scam from November 2021 to October 2023, duping investors out of millions.
In an unusual twist, Pinillo claimed that “Solano Fi,” the name of the scam, came to him in a dream. He was the pastor of the Ministerio Apostólico Profético Tiempos de Poder, catering to a Spanish-speaking congregation in Pasco, Washington. Unlike typical crypto scams, this one was presented to the congregation as a divine revelation. Multiple sources report that Pinillo, leveraging his position in the church, convinced his followers that Solano Fi was a secure investment with guaranteed returns. Promising an enticing monthly return of 34.9%, he even sought to attract more investors through an extensive social media campaign.
Pinillo’s social media efforts included launching a Telegram group called “Multimillionarios SolanaFi,” amassing more than 1,500 members, alongside a Solano Fi Facebook page.
Yet, investigators revealed that Pinillo ran what was essentially a Ponzi scheme. While investors anticipated profits, Pinillo and his accomplices pocketed the money. The funds, rather than being invested, were redirected into personal accounts. Moreover, authorities discovered the existence of a 15% Referral Bonus Pinillo offered to encourage people to recruit more investors, which helped sustain the Ponzi-like operation. This tactic ensured that money from new investors was used to give the illusion of profits to earlier investors.
Alongside the scam, investors were given access to an online platform, purportedly for tracking their investments. However, per the DOJ’s findings, this platform was a façade, showing only fabricated balances and preventing investors from accessing their funds.
The situation worsened when investors attempted to withdraw their money. In response to their requests, they were met with excuses, such as technical issues or adverse market conditions. Some investors reported that Pinillo would only consider returning their initial investments if they brought in new investors to take over their accounts.
If convicted, Pinillo could face up to 20 years behind bars.
Featured image from Pexels, chart from TradingView.
